$1B Empire State Building IPO Approved By Shareholders

Law360, New York (May 29, 2013, 3:04 PM EDT) -- A supermajority of Empire State Building investors have approved a controversial plan to put the building in a $1 billion publicly traded real estate trust, despite ongoing litigation over the proposal, according to a Wednesday regulatory filing.

Malkin Holdings LLC, which has been spearheading the plan, announced that 80 percent of the iconic New York building's unitholders had greenlighted the proposal to create a REIT known as Empire State Realty Trust Inc., according to a filing with the U.S. Securities and Exchange Commission. The plan calls...
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